March 14, 2012 - Toho Water Authority

5:58:37 PMNewBusinessCentre impact fee issue. Supervisor White said that if otherbusinesses in town found out that Mr. Majors had not paid impactfees for City Centre, they would want the same deal. Mr. Majorsinsisted that this incident had taken place 9 years ago and he shouldnot be held liable. Supervisor Bornstein asked what the differencewas between the amounts offered by Mr. Majors to settle theunpaid impact fee dispute and the amount the Authority wasseeking. Staff advised that the difference is $15,000. Mr. Majorsreported that he had not seen any correspondence outlining asettlement amount. Attorney Lawson addressed Mr. Majorsadvising him that the way to settle the matter is for the four LLCswho own most of City Centre to pay half of the unpaid impact feesthrough the proposed forbearance agreements. Mr. Majorsreiterated that he has never seen any offer in writing. The Boardattorney provided Mr. Major with a copy of the proposedforbearance agreement for settlement of the impact fee issue forCity Centre.9B. APPROVAL OF THE ANNUAL FINANCIAL REPORT FORTHE AUTHORITY FOR FISCAL YEAR 2011 - Bill Blend fromMoore Stephens Lovelace, P.A. addressed the Board on theCertified Annual Financial Report. – Supervisor Banasco movedfor approval of the Annual Report and Supervisor White secondedthe motion. Motion passed 5 to 0.9C. AUTOMATIC METERING INFRASTRUCTURE (AMI)SYSTEM INSTALLATION – PHASE 2A PROJECT UPDATE –With the Pilot Phase and Phase 1 having been completed, the AMIproject is ready to enter into Phase 2A which involves installingapproximately 16,600 meter endpoints in the portion of theAuthority's service area which is billed by KUA but does not haveelectric service from KUA. The estimated $3M needed to financePhase 2A has been set aside. Supervisor Thacker moved formoving forward with Phase 2A of the AMI project and SupervisorBanasco seconded the motion. Motion passed 5 to 0.10A. SERIES 2003 BONDS REFUNDING – Toby Wagner,Southeastern Investment Securities, Financial Advisor to theBoard, presented two different alternatives for refunding the Series2003 bonds. Financial conditions are presently favorable to theAuthority to refund the Series 2003 bonds and achieve significantsavings on future debt payments on this debt. Mr. Wagnersuggested either utilizing a bank loan or issuance of a bondrefunding bond issue. Supervisor White asked about the possibilityof utilizing a local firm to act as bond disclosure counsel. Mr.Wheeler said that if that was the direction of the Board, Staff would